Binance to Apply for a Digital Asset Exchange Platform License in Thailand

Binance crypto exchange formed a joint venture (JV) with Gulf Energy Development (Sarath Ratanavadi). Binance will apply for a license to operate as a digital asset exchange platform in Thailand.

A high demand for cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term in Thailand lead to the partnership between Binance and Gulf Energy Development. Additionally, it has been reported that Gulf Energy will invest in BNB (Binance Coin).

Gulf Energy stated in a regulatory filing to the Stock Exchange of Thailand: "The company believes that this multi-level cooperation with Binance, which is the global leader in blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term infrastructure technology, is aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the company to expand into other digital asset-related initiatives in the future."

Gulf International Investment Limited

In March 2022, Gulf Energy announced that it will create a subsidiary, Gulf International Investment Limited that will invest in digital companies outside of the country.

"Gulf Energy Development Public Company Limited (the 'Company') would like to provide notification to the Stock Exchange of Thailand that the Company has established Gulf International Investment Limited, a subsidiary in which the Company holds 100% equity stake with registered capital of USD 100,000, to operate and invest in digital infrastructure, digital assets, blockchain technology business and other related services, including investment in funds that invest in aforementioned assets and businesses, in foreign countries."

source: official filing

Thailand Crypto Tax

The Government initially planned a 15% tax on crypto profits. Due to the backlash it received, the proposed 15% tax was scrapped. Until the end of 2023 crypto traders are not required to pay 7% VAT if they trade in exchanges that are authorized by the Government.

In 2021 the number of crypto accounts in Thailand was around 170,000. In January 2022 the number grew to 2 million, reflecting the great demand for cryptocurrencies.